Here's a single "investor's" path of destruction:
Home #1: 801 S OLIVE AVENUE # 1622, West Palm Beach, FL 33401
This condo, which is being offered as a short sale, is listed 47% below its purchase price just 14 months ago
- 1 bedroom, 1 bath Condo
- Bought in September 2006 for $375,000
- On the MLS for $199,000
- Days on the MLS: 37 Days
- Loss before the Realtor® commission: $176,000
- Loss after the Realtor® commission: $187,940
Home #2: 289 BEVERLY RD, West Palm Beach, FL 33405
This home has already been foreclosed on. The lender is selling it 38% below its 2005 purchase price.
- 3 bedroom, 2 bath SFH
- Bought in August 2005 for $695,000
- On the MLS for $429,900
- Days on the MLS: 66 Days
- Loss before the Realtor® commission: $265,100
- Loss after the Realtor® commission: $290,894
Home #3: 424 28TH ST, West Palm Beach, FL 33407
This home is listed as a short sale for 44% below its 2005 purchase price.
- 3 bedroom, 2 bath SFH
- Bought in August 2005 for $630,000
- On the MLS for $350,000
- Days on the MLS: 28 Days
- Loss before the Realtor® commission: $280,000
- Loss after the Realtor® commission: $301,000
Home #4: 651 Okeechobee Blvd Apt 209, West Palm Beach, FL
This home was actually sold, probably as a short sale, for 33% below its purchase price.
- ? bedroom, ? bath Condo
- Bought in January 2005 for $375,000
- Sold in July 2007 for $250,000
- Loss before the Realtor® commission: $125,000
- Loss after the Realtor® commission: $140,000
Home #5: 651 Okeechobee Blvd Apt 409, West Palm Beach, FL
Our would-be Donald Trump actually made money on this one. How much do you think he'll pay back to lenders after they lose their shirts on all his "investments?"
- ? bedroom, ? bath Condo
- Bought in February 2006 for $370,000
- Sold August 2006 for $492,000
- Profit before the Realtor® commission: $122,000
- Profit after the Realtor® commission: $92,480
Adding all this up, this one "investor" will account for at least $827,354 worth of real estate losses before considering all the legal and carrying costs by the lenders -- all with "someone else's money."
Stumble It!
11 comments:
Amazing. After seeing stuff like this, I wish they still had debtor's prisons.
I hope that he gets 1099'ed for each of those short sales and gets clobbered by the IRS.
What a scumbag. But, alas, with the power of Google, we can put a face to this Donald Trump. It doesn't come as a big surprise that he's both a realtor and a mortgage broker.
Here's his MySpace page complete with cheesy photo:
Paul's MySpace
Here's his "blog:"
Paul's Blog
And, here's an example of his CraigsList posting that he has spammed every Florida CraigsList board hundreds of times:
Paul's Spam
Admin,
If you go to the "Structure Detail" on the PAPA website, you can see the number of bedrooms and bathrooms.
Both Home #4 and Home #5 have two bedrooms and two baths.
Does anyone know what ploy he was up to when he tried to Quit Claim the properties to LLC's he had created only to Quit Claim them back to himself?
LOL,
Looks like agent Maxwell Smart.
ain't that supply side econ spend your way to prosperity
Wally's World,
But if you look at the bottom right of his MySpace page, you'll see the bright side: he has 18 friends.
Click on Paul's Blog link (above), and you can leave an anonymous e-mail reminding him of his great investments.
if he scored on all five properties that would been $462,400 in a year and i would be green with envy, stuck it to the man real good
The unit I looked at was listed at 1,000 square feet, which would make it less than $135 per square foot.
However, my entire analysis was based on the unit that was offered as a lease at $1450 per month. Is that rent reasonable? Can the landlord actually get $1450 a month or is it just another "wishing price" list many of the home listings we see.
I think to do this type of analysis, you actually need to find out what people who are renting are actually willing and able to pay.
I live in inland PBC and have no idea what waterfront Hallandale properties rent for. Can a landlord really get $1450 per month for a 1000 square foot, one-bedroom property like this in Hallandale?
Maybe others know.
Whoops. Wrong thread. I'm post to the correct one now
Now here is some information on the unit this Donald Trump wanna be sold to another Donald Tramp wanna be.
CITYPLACE TOWER CONDOMINIUM Apt 409
Selling Price $492,000 8/2006
Mortgage 1st $393,600 2nd 98,400
no money down
Foreclosure notice 11/5/2007
Current listing price $400,000
http://palmbeach.expertrealty.com/west-palm-beach/condo-details/r2754321-cityplace-tower-condo-651-okeechobee-409
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